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US to impose 25pc steel tariff on imports, says Trump

WASHINGTON, March 3, 2018

US President Donald Trump has confirmed that the US will implement a 25 per cent tariff on steel imports, with a formal announcement to come next week.

The tariffs placed on steel imports will last for an "unlimited period of time," Trump said, adding they will be in effect "for a long period of time."

"You will have protection for the first time in a long time," Trump said in a meeting with with steel and aluminum executives, held at the White House Thursday.

The Trump action comes following a nine-month investigation into the effect of steel imports on national security and the delivery of the Section 232 report by the Department of Commerce and the recommendations to Trump in January, reported Platts Breaking News.

A global tariff of at least 24 per cent on all steel imports from all couturiers was one of three recommendations presented by Commerce in its report.

Trump did not provide any details Thursday as to whether the 25 per cent tariff will have exclusions for certain countries or products, it added.

Commenting on the US move, Gerry Rice, the International Monetary Fund's spokesperson, said: "The import restrictions announced by the US President are likely to cause damage not only outside the country, but also to the US economy itself, including to its manufacturing and construction sectors, which are major users of aluminum and steel."

"We are concerned that the measures proposed by the US will, de facto, expand the circumstances where countries use the national-security rationale to justify broad-based import restrictions," stated Rice.

"We encourage the U.S and its trading partners to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to such emergency measures," he added.-TradeArabia News Service
 




Tags: US | Imports | Trump | Steel tariff |

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